The global capsule hotels market is anticipated to grow at substantial CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc. Growing requirement for affordable and inexpensive accommodation among consumers is anticipated to propel demand for capsule hotels. These hotels are likely to offer accommodation with basic amenities to consumers at exceptionally low prices. Basic amenities can include television, electric components, and Wi-Fi connectivity.
Capsules are expected to stacked side-by-side, two units high, with steps offering access to second level rooms. In addition, these capsules are likely to be open from one end that can be closed using curtain or fiberglass door. Luggage can be stored in locker and washrooms are expected to be communal. Guests can be asked not to eat or smoke inside capsules. Moreover, some capsule hotels can offer separate section for male and female guests.
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High demand for economic hotels among travelers providing basic amenities can influence growth of market. Growing adoption of capsule hotels among consumers over other hotels attributed to flexibility, cheaper booking rates, and experimental pod designs can influence growth of market. Growing awareness regarding personal wellness and benefits of quality sleep among young travelers can stimulate demand for capsule hotels. Increasing preference for convenience among business travelers attributed to reduction in budgets among companies can augment growth of market during the forecast period (2018 to 2025).
To cater to rising demand, most companies are expected to invest in R&D activities to develop advanced capsule hotels to gain traction among consumers. For instance, India’s first capsule hotel firm named Urbanpod recently announced to introduce the concept in eight more locations in the country. These new locations can include Bengaluru, New Delhi, and Chennai, which are likely to offer 800 pods in next two years. To setup new capsule hotels, company is expected to raise 200 crore rupees from venture capitalists.
The capsule hotels market can be segregated on the basis of type, application, and region. Based on type, the market can be categorized into horizontal and vertical. Based on application, the market can be classified into tourists, office workers, and others.
Regional segmentation includes Europe, United States, Japan, India, China, and Southeast Asia. Japan dominated the market in past years attributed to high prevalence of capsule hotels in the region. Increasing number of novel and upmarket versions of capsule hotels are likely to gain traction among travelers visiting this region. These versions are likely to offer communal lounge offering complimentary drinks and massage chairs to visitors. In addition, these hotels can offer stylish rooms, personal grooming products, and public bathing areas. Moreover, growing number of business travelers and foreign tourists visiting Japan can stimulate demand for capsule hotels in the region.
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In China, the market is expected to witness significant growth during the forecast period attributed to increasing number of business travelers demanding economical accommodation in the region. High prevalence of numerous manufacturing sectors in the region are expected to gain traction among business travelers globally. This, in turn, can surge demand for modern yet affordable capsule hotels in the region.
In United States, the market is likely to grow well over the forecast period attributed to increasing number of capsule hotels coupled with growing tourism in the region.
In India, the market is anticipated to witness substantial growth owing to growing tourism and hospitality sector in the region. In addition, rising sub-segment with leisure category including transit travelers, single travelers, and backpackers can fuel growth of market in the region.
Some of the leading key players offering capsule hotels are The Prime Pod Ginza Tokyo, Tokyo Ginza Bay Hotel, Nihonbashi Muormachi Bay Hotel, Nadeshiko Hotel Shibuya, and Nihonbashi Muormachi Bay Hotel.
Explore Other Reports By Radiant Insights,Inc at:
• China Luxury Hotels Market- https://www.radiantinsights.com/research/china-luxury-hotels-market-size-status-and-forecast-2022
• U.S. Hotels, Resorts and Cruise Lines Market– https://www.radiantinsights.com/research/us-hotels-resorts-and-cruise-lines-market
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